As with many "new" industries, there's rarely a standard of cost and value associated with certain positions. And social media managers definitely fall into this category. I have read, talked to, and compared other social media managers' prices and the only answer I can give you is: "It depends."

I know, that's a sucky answer. But let me explain.

How much is a pair of shoes worth to you? You can buy a perfectly good pair of shoes at a big box store like Target and they'll do you just fine. They'll be a reasonable price - you may even get them on sale. Or you could go to a specialty store and get something a little more specialized. Maybe they'll have various widths to accommodate your real foot size or have additional support for comfort. You'll pay more for these than the shoes at the big box store but if you're on your feet all day, it's probably worth it to you. And there's always the option to go to a name brand boutique store where you can buy a super snazzy pair of shoes with all the glamour that comes with shopping there and wearing their products. But you will pay a lot more than the other options I just mentioned.

So which pair of shoes would you buy?

How much would you spend on a car? And why? What features are most important you? You and I probably have different perspectives when it comes to car features.

You see, there's no easy answer to what a social media manager is worth unless you know why it's important to you.

Are you looking for someone to manage the everyday posting on your sites? Are you looking for someone to set up your accounts then teach you how to manage them yourself? Are you looking for someone to provide monthly support with your content curation and content creation? Are you looking to post once a day or 5 times a day? Are you looking to manage one social media site or five?

And then there's all the different facets of social media. Social media isn't just marketing. It's customer service, HR, PR, sales, marketing, crisis management, and whatever else "pops" up. Do you want a social media manager to oversee multiple people handling each of the different aspects or do you want your social media manager to handle all of the aspects themself?

But it also comes down to the social media manager. Every one of us offers something different. There is something that sets us apart from the others. Take the time to pick the best social media manager for you. What worked for your friend's business or your previous company may not work for you now.

As I said, the value of a social media manager is dependent on you, your business, your goals, your customers, and your strategic plan.

What I can tell you though is that good social media managers don't come cheap. Sure you could hire an intern or entry level employee to manage your social media, but I highly advise against this (you can read why here). And if you think you can hire an administrative level employee to successfully manage your social media strategy, you will likely find yourself regretting your decision.

Think about the title of the position - it's called a social media manager for a reason. Positions within your company to manage social media should be paid at commensurate levels. This is NOT a cheap position. Offer low salaries and you will get low quality employees. Instead, determine a fair value and social media manager salary based on your industry, geographic location, company pay structure, and the value of the position you're filling.

And when it comes to hiring outside consultants, companies, and trainers, realize you will get what you pay for. If you find some "great deal" or someone who is willing to barter or reduce their fees, they are not likely standing behind their work. They are willing to provide you with a lesser service in exchange for a lesser cost. Quality social media consultants aren't willing to cheapen their service.

I frequently get asked what I charge for my services and while I've had a standard pricing schedule, I've never published it. Partly because I was worried that it would scare away prospective clients. Some may think the prices are too high while others may think they're too low. But I was also worried about what other social media managers would think when they saw my prices. Would they try to outprice me? Would they think I'm charging too much and they can do better?

But after some soul searching and discussions with other social media managers, I decided to publicize my prices. I am proud of what I offer and stand by the services I provide. And these are the prices that I feel reflect the value I bring to you.

So the next time you are looking to hire a social media manager, stop and think about why you need them, what you want them to do, and what value they bring to your company. Then research! Ask around, look into potential candidates, investigate their social media credibility, and then determine what they are worth to you.